United Capital Financial Advisors LLC bought a new position in shares of Occidental Petroleum Corporation (NYSE:OXY – Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 27,960 shares of the oil and gas producer’s stock, valued at approximately $1,358,000.
A number of other large investors have also recently modified their holdings of OXY. Berkshire Hathaway Inc bought a new stake in Occidental Petroleum during the 2nd quarter valued at $12,868,205,000. State Street Corp grew its position in shares of Occidental Petroleum by 2.1% during the 4th quarter. State Street Corp now owns 39,539,743 shares of the oil and gas producer’s stock worth $1,635,263,000 after buying an additional 828,848 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Occidental Petroleum by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 18,846,231 shares of the oil and gas producer’s stock valued at $771,949,000 after buying an additional 167,518 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Occidental Petroleum by 84.8% in the second quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock valued at $516,975,000 after acquiring an additional 4,882,834 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Occidental Petroleum by 21.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock worth $436,008,000 after acquiring an additional 1,883,721 shares during the period. Hedge funds and other institutional investors own 88.70% of the company’s stock.
Analysts Set New Price Targets
A number of analysts have weighed in on the company. Barclays lowered their target price on Occidental Petroleum from $75.00 to $71.00 and set an “overweight” rating for the company in a report on Monday, August 17th. JPMorgan Chase & Co. cut their target price on Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. The Goldman Sachs Group decreased their price target on shares of Occidental Petroleum from $64.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, June 30th. Citigroup reduced their price objective on shares of Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, July 17th. Finally, Wall Street Zen upgraded shares of Occidental Petroleum from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $64.83.
Insider Buying and Selling
In other news, CEO Richard A. Jackson bought 4,770 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were purchased at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the transaction, the chief executive officer directly owned 444,098 shares in the company, valued at approximately $23,261,853.24. This represents a 1.09% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.50% of the stock is currently owned by corporate insiders.
Occidental Petroleum Trading Down 0.1%
NYSE OXY opened at $59.12 on Friday. Occidental Petroleum Corporation has a 12-month low of $38.80 and a 12-month high of $67.45. The company has a fifty day simple moving average of $55.18 and a two-hundred day simple moving average of $55.95. The company has a current ratio of 1.41, a quick ratio of 1.13 and a debt-to-equity ratio of 0.40. The stock has a market cap of $59.10 billion, a P/E ratio of 9.15, a P/E/G ratio of 0.94 and a beta of 0.15.
Occidental Petroleum (NYSE:OXY – Get Free Report) last released its earnings results on Wednesday, August 5th. The oil and gas producer reported $2.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.57. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The firm had revenue of $8.06 billion for the quarter, compared to the consensus estimate of $7.07 billion. During the same period in the prior year, the firm earned $0.39 EPS. The firm’s revenue was up 53.4% on a year-over-year basis. On average, analysts forecast that Occidental Petroleum Corporation will post 6.09 earnings per share for the current year.
Occidental Petroleum Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 1.9%. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 10th. Occidental Petroleum’s dividend payout ratio is presently 16.10%.
Occidental Petroleum Profile
Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.
Occidental’s operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.
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